The Collin County Association of Realtors recently reported good news for the DFW area.  Sources indicate real estate market conditions might not be as bad as everyone thinks, especially in North Texas.

2007 A Relatively Stable Real Estate Market for Collin County and Surrounding Areas

2007 proved to be a relatively stable housing market for Collin County and parts of surrounding Dallas, Denton and Grayson Counties. Despite the national downturn, our local real estate market experienced only a small percentage of decline, according to the Collin County Association of REALTORS^® (CCAR) based on data from the North Texas Real Estate Information Systems' Multiple Listing Service.

The CCAR Pulse, which delves into the real estate markets of 35 communities in Collin, Dallas, Denton and Grayson Counties, reports that our area currently does not have an oversupply of homes as one might expect in a down real estate market. Rather, in the month of December, we maintained a balanced supply of homes and a steady mortgage rate.

While December's new listings and sales were down from a year ago, sales prices are holding strong with median sales prices down slightly by 2 percent and average sales prices up by 4 percent. Homes in our area also remain very affordable, with the affordability index at 134. This number indicates that the median family income is 134 percent of the income necessary to qualify to buy a median priced home with a 20 percent down payment and a 30-year fixed rate mortgage.

"We are expecting a very good year with the real estate market getting back to its traditional cycle of heavy activity in the spring and summer," says Jacob Narisi, 2008 CCAR president. "I strongly suggest that if anybody wants to sell or buy a home now is the time to start looking, spring is almost here."  

Last year also saw the median sales price of homes increase, a trend that has been ongoing since 2002. Currently, the median price of a home in the area is $178,000, up 3.3 percent from 2006. In addition, houses were on the market an average of 73 days in 2007, which is up slightly from 2006, but still in line with what it has been for the last several years. In 2004, homes were on the market a lot longer, an average of 87 days.

"As you can see from the data, Collin County and surrounding areas have not suffered the major market adjustment as reported by the national media, nor have we been affected as much by the lending crisis. However, we have felt a small sting and we are working through it like everybody else," notes Narisi.

- Collin County Association of Realtors

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